Consider these factors before opening a franchise

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Opening a franchise can seem like the best of both worlds to an individual who wants to own a business. They get to be their own boss, while simultaneously having the support and benefit of a recognized brand and reputation. However, consumers who are thinking of opening a franchise should follow the same rules that apply to opening any other type of company, and consider factors that are sometimes overlooked to make the best decision.

For example, what are the true costs of a franchise opportunity? While franchises will provide potential owners with detailed information about the costs they will incur, it's important to weigh the overall expenses that may or may not be included in the contract, according to Entrepreneur Magazine. This can include renting a facility, legal, accounting and tax preparation fees, property insurance, life and disability coverage, employee retirement plans and even travel and lodging expenses to attend mandatory franchise training.

It's also important for individuals to determine if they will need financing to purchase a franchise, whether they will have business partners and how much they need to invest to take ownership of a franchise.

Once the financial particulars are dealt with, consumers should determine if they need any special skills or certifications to operate a franchise. For example, some franchises may require owners to have technical knowledge or experience, while others may require a certain level of education. Individuals should do research on what their particular responsibilities will be if they purchase a franchise and plan accordingly. For example, they may consider taking a bookkeeping or accounting course, or taking a few business classes to boost their knowledge.

Lastly, adults should weigh their decision against their future goals and plans to make sure it's the right choice for them. For example, do they want to expand in the future or relocate? If this is the case, will the franchise allow them to do so and are the terms and conditions spelled out in the contract? Most franchise owners are forbidden from opening other chains in different locations, so adults should think long and hard about whether they are okay with this rule before making a decision.

For some individuals, owning a franchise can be a great opportunity and a worthwhile business venture. So understanding all the benefits, drawbacks, terms and conditions beforehand can better help adults make the right decision.

The Liberty Tax Service franchise opportunity is appealing to a diverse America, ranking highly for its affordability and potential. Entrepreneur magazine has ranked Liberty Tax Service on its “Franchise 500” list of best franchise opportunities since 1998. Liberty Tax Service is the only tax franchise on the Forbes magazine’s “Top 20 Franchises for the Buck (2012)." Our tax franchise is an affordable and viable business choice. Each office provides thorough, computerized tax preparation coupled with superior customer service. For the best small business opportunity in the income tax franchise industry, choose Liberty!

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*Offer Details and Disclosures

*Email your referral’s name, address, phone, and email contact information along with your address, phone, and email to referralteam@libtax.com and our sales staff will contact you. If the referred person buys a franchise and meets the conditions of our internal referral criteria including, but not limited to, completion of required trainings, obtaining a valid Electronic Filing Identification Number (“EFIN”) from the IRS and opening an office in an approved location by January 2, 2018, you may be eligible for a referral fee in the amount of $3,000. Valid 5/10/2017 – 12/20/2017. Additional restrictions may apply.

The franchising information contained in this Web site is not intended as an offer to sell a franchise or the solicitation of an offer to buy a franchise. The following states and provinces regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of one of these states we will not offer or sell you a franchise unless and until we have complied with the applicable presale registration and disclosure requirements in your state. Minnesota state franchise registration number F-4418 and F-3918.

All state information provided, including information regarding state resources, was gathered from third-party sources. Liberty makes no guaranty as to the continued availability of the state resources listed. Nothing herein should be construed to imply that any state endorses this franchise opportunity.